Crashing exchanges
交易所崩溃
TIME was ittook a war to close a financial exchange. Now all it needs is a glitch in technology. On August26th trading on Eurex, the main German derivatives exchange, opened as usual; 20minutes later it shut down for about an hour. Four days earlier the shares of every companylisted on NASDAQ, an American stock exchange, ceased trading for three hours. The directimpact of these computer crashes was small. But, given that global markets and financialfirms are all hooked up through complex trading programs, the indirect impact could besignificant.
曾几何时,发生战争时金融交易才会中止;但现在,技术上的一点故障就能导致相同的结果。8月26日,德国衍生品交易的主要场所欧洲期货交易所,照常开市;但在20分钟后却临时关停1个小时。四天前,在美国股票交易所纳斯达克上市的公司股票全部暂停交易两小时。这些计算机故障导致的直接影响很小,但考虑到全球市场和金融公司都通过复杂的交易程序联系在一起,间接的影响简直不可估量。
In these two cases there was no news of big losses. So there was no panic. All concernedalso appear to be making a genuine effort to understand and disclose what went wrong.NASDAQs reputation and revenues are still suffering from the disastrous public offering ofFacebook in May of 2012, when computer glitches produced an estimated $500m-worth oferrant trades. Knight Capital, a securities firm, never recovered from a $460m tradingglitch last year. On August 20th a flurry of misdirected trades by Goldman Sachs, a bank,caused embarrassment and as yet unspecified losses. Even the most robust seemvulnerable.
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